2011 Annual Report - SBM Offshore

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3.1.6 Local Content Brazil In Brazil, the Company entered into an agreement with Naval Ventures Corp. The two companies will jointly develop and operate a yard and FPSO integration quayside at Niterói, Brazil for the fabrication and pre-commissioning of topside modules and other systems and equipment related to the offshore oil & gas industry. The yard will also be used for FPSO integration and commissioning. It will own and operate a floating crane to provide heavy lift solutions/services in Brazil. Through this partnership the Company has secured access to alternative construction and integration capacity, aware that an imbalance is predicted in the future between local demand and the availability of both qualified fabricators for topside modules and FPSO quaysides. This long-term independent solution will allow the Company to continue developing strong proposals for new projects while increasing the proportion of local content in a country where SBM Offshore has ambitions to grow its portfolio. Angola In Angola, through the joint venture with Sonangol and DSME, the Company is continuing to develop the PAENAL yard in Porto Amboim. When completed, the yard will fabricate modules for the CLOV FPSO along with subsea steel structures for CLOV and other offshore projects. Through the PAENAL yard project the Company has secured local fabrication capacity and the ability to secure the levels of local content required for future FPSO projects in Angola. The partnership also promotes sustainable development in this country. During the year, the Company’s partially owned installation vessel “Normand Installer” mobilised from the PAENAL yard for the offshore installation of the Pazflor FPSO offloading system for Total, offshore Angola. 3.1.7 Turnkey Systems The successful connection of the FPSO OKHA to an existing mooring system and subsequent first oil production was one of the major successes of the year. The objective of the project was to replace the existing FPSO Cossack Pioneer on the Cossack, Wanaea, Lambert and Hermes fields (CWLH) in Australia with a new floating production system in a way that minimized production downtime for Woodside. This was achieved by re-using the disconnectable part of the existing mooring system (riser column), which moors the FPSO to the seabed and connects the production risers to the FPSO, whilst also completing extensive pre-commissioning of the FPSO OKHA. The project was delivered in 38 months from contract award to first oil. The Company delivered a new semi-submersible drilling rig in September to our client Delba, the last of three supplied to Brazilian clients. Two turret supply contracts were secured during the year, following a long FEED phase, which started in 2010. The first will be supplied to Shell for their FLNG for the Prelude field offshore Australia;; the second is for BP’s QUAD 204 FPSO. Both turrets are technically challenging in terms of size and mooring loads, with complex manifolds and swivel systems to transfer well fluids, and large mooring forces. The Company received an order from OSX, a new client, to supply the FPSO OSX-2 for Brazil. Refurbishment, This is a customized selection from the SBM Offshore N.V. Annual Report 2011 28
conversion, construction and integration work for the project will all be completed in Singapore, with delivery scheduled for 2013. GustoMSC The Company has reorganized its activities in Schiedam into two execution centres. Operating under the SBM Offshore brand, SBM Schiedam will focus on core FPSO products;; the other, focused on non-core products will retain the GustoMSC brand name. GustoMSC will continue to provide proprietary designs under license and engineering support for all types of mobile units and vessels for the offshore drilling and construction industry, including the supply of associated specialist equipment. The innovative solutions are focused on all types of jack-up units, semi-submersibles or mono-hull vessels. GustoMSC will also supply equipment associated with its proprietary designs, including jacking systems, fixation systems, X-Y skidding systems and jack-up units for thruster retrieval systems for DP vessels. It will also provide proprietary designs for large derrick cranes and medium-sized pedestal cranes under license. 3.1.8 Turnkey Services The Company’s two installation vessels achieved high occupancy rates during the second half of the year and this trend is set to continue in line with its offshore contracting activities. The Company ordered a new Diving Support Construction Vessel (DSCV) in April 2011 for delivery in 2013. This investment is in line with its strategy to expand offshore contracting activities. The Company’s other turnkey services include: engineering, supply, overhaul and maintenance of CALM buoys, swivels, mooring systems, fluid transfer systems and offloading systems which are all core or edge FPSO products of the Company. These services are performing in line with Services business objectives and are expected to grow in future. 3.1.9 Lease and Operate Except for the impact of the two MOPU projects, the Company’s Lease and Operate segment is currently performing extremely well, with high bonuses obtained on individual contracts. During 2011, the Company’s lease FPSO and FSO fleet evolved as follows: Existing fleet • The lease and operate contract for LPG FSO Nkossa II was extended until November 2018 with options for three further one-year extensions • the lease and operate contract for FPSO Kuito was extended until 31 May 2012 with a further extension anticipated • Petrobras extended the lease and operate contract for FPSO Marlim Sul until June 2014 • lease and operations on FPSO Xikomba were extended by ExxonMobil until July 2011 and since then the unit has been disconnected and sailed to Singapore where it is currently undergoing a substantial upgrade at Keppel Shipyard to meet production requirements for a new twelve year lease and operate contract on block 15/06 in Angola for ENI;; • the operations only contract with MEGI for FPSO Serpentina was extended until August 2013, including options for three further one-year extensions • the FSO Unity operations only contract with Total in Nigeria was terminated at the end of September 2011 This is a customized selection from the SBM Offshore N.V. Annual Report 2011 29
Page 2 and 3: Table of contents 1 Overview 1 1.1
Page 4 and 5: esource, through selected R&D, to m
Page 6 and 7: Business Model The Company generate
Page 8 and 9: 1.3 Snapshot 2011 (US$ mln.) 2011 2
Page 10 and 11: 1.4 Stakeholders Information 1.4.1
Page 12 and 13: 1.4.5 Investor Relations The Compan
Page 14 and 15: 1.5 Corporate Strategy 1.5.1 Introd
Page 16 and 17: 1.5.2 Vision, promises and values V
Page 18 and 19: The Company only enters partnership
Page 20 and 21: Supply Chain In line with its Code
Page 22 and 23: 1.6 Corporate Management Systems &
Page 24 and 25: Status updates for the implementati
Page 26 and 27: This is a customized selection from
Page 28 and 29: organisation has been implemented w
Page 32 and 33: New contracts During 2011 the Compa
Page 34 and 35: 3.4 Product and Technology Developm
Page 36 and 37: time, and cost. 3.4.3 Offshore LNG
Page 38 and 39: Appointment of a Managing Director
Page 40 and 41: Loans or guarantees No loans or gua
Page 42 and 43: In case a binding proposal is made,
Page 44 and 45: 3.5.5 Shareholders Share capital At
Page 46 and 47: Dividend The Management Board is au
Page 48 and 49: former notary and presently a lawye
Page 52 and 53: Onshore Operations In addition to t
Page 54 and 55: voluntary basis in Brazil for Occup
Page 56 and 57: Permit-to-Work (Carros) Safety is a
Page 58 and 59: Although unhappy with the increases
Page 60 and 61: 2012. The primary emissions from th
Page 62 and 63: 3.8 Human Resources 3.8.1 Introduct
Page 64 and 65: The total headcount is based on all
Page 68 and 69: The Employee Share Ownership Plan,
Page 70 and 71: White Collar Staff Training is base
Page 72 and 73: 3.9 Sustainable Initiatives 3.9.1 C
Page 74 and 75: 3.9.2 Supply Chain in Focus SBM Off
Page 76 and 77: 3.9.3 Local content In a number of
Page 78 and 79: Equatorial Guinea A very motivated
Page 80 and 81:
the building process, an SBM team a
Page 82 and 83:
This is a customized selection from
Page 84 and 85:
5.1.2 Environmental Reporting Envir
Page 86 and 87:
Total Production of Hydrocarbons Of
Page 88 and 89:
HSS Accident Statistics for Dynamic
Page 90 and 91:
Regional CO2 Emissions Values expre
Page 92 and 93:
Permanent Part Time Employees Headc
Page 94 and 95:
Women Men Equality % of Women in ma
Page 96 and 97:
GRI Index Level C Vision and Strate
Page 98 and 99:
LTIFR = (LTI x 200,000)/ EH Where:
Page 100 and 101:
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